{"id":3894,"date":"2023-04-06T13:39:15","date_gmt":"2023-04-06T13:39:15","guid":{"rendered":"https:\/\/regtechafrica.com\/healthcare\/?p=3894"},"modified":"2023-04-06T13:39:15","modified_gmt":"2023-04-06T13:39:15","slug":"lifewallet-tackles-healthcare-sectors-antiquated-technologies","status":"publish","type":"post","link":"https:\/\/regtechafrica.com\/healthcare\/lifewallet-tackles-healthcare-sectors-antiquated-technologies\/","title":{"rendered":"LifeWallet Tackles Healthcare Sector\u2019s \u2018Antiquated Technologies\u2019"},"content":{"rendered":"

Healthcare reimbursement firm\u00a0LifeWallet<\/a>\u00a0has debuted several upgrades to its system.<\/p>\n

The new\u00a0enhancements<\/a>, announced in a Wednesday (April 5) press release, include a new portal for healthcare providers, an upgraded mobile application that features a universal intake form, and a kiosk application that uses biometric authentication.<\/p>\n

\u201cThe healthcare industry is fraught with companies using antiquated technologies that are inefficient and do not interoperate,\u201d said\u00a0Tokenology Labs<\/a>\u00a0CEO\u00a0Marco De Mello<\/a>, whose company developed LifeWallet\u2019s new LifeChain portal, in the release. \u201c\u2026We were shocked by the depth of issues rooted in today\u2019s systems used by healthcare payers and providers, ultimately leading to mistakes in record-keeping, improper payments and lower-quality patient care.\u201d<\/p>\n

With LifeChain, providers get an \u201cinteractive view of tokenized claims status and tracking,\u201d thus streamlining claim management for doctor\u2019s offices, hospitals and clinics. The company, formerly known as\u00a0MPS Recovery<\/a>, said in the release that LifeChain is the first platform for fully tokenized claims analysis, able to process more than 1 million medical claims per minute.<\/p>\n

The company is making these updates at a time when consumers have come to demand the same ease in healthcare bill payments that they find in retail transactions. That\u2019s led healthcare firms to try to improve their\u00a0payment options<\/a>\u00a0to retain and build their customer base.<\/p>\n

PYMNTS\u2019 March collaboration with\u00a0Corcentric<\/a>, \u201cDigital Payments: Expanding the Payments Palette<\/a>,\u201d looked at the payment options healthcare firms support or plan to support. Now averaging almost six payment methods per company, healthcare notably trails finance and insurance when it comes to offering real-time payments.<\/p>\n

\u201cThe low current acceptance rate of real-time payments marks the start of its consumer-facing offering within the sector, however,\u201d PYMNTS wrote last month. \u201cHealthcare firms\u2019 overall increased payment option acceptance reflects a larger push to meet customer demand \u2014 and minimizes the risk of losing them to other providers. Indeed, 92% of healthcare companies not currently investing in real-time payments plan to in the future.\u201d<\/p>\n

Meanwhile, more than half of consumers said they\u2019ve experienced difficulties when making healthcare payments, according to \u201cThe Digital Platform Promise: How Patients Want to Streamline Healthcare Payments<\/a>,\u201d a PYMNTS and\u00a0Lynx<\/a>\u00a0collaboration.<\/p>\n

Among those consumers, 21% said they found the\u00a0payment process difficult<\/a>, 18% were confused by their medical bills, and a respective 8.8% and 6.2% were concerned about the security of their information and lack of preferred payment methods.<\/p>\n","protected":false},"excerpt":{"rendered":"

Healthcare reimbursement firm\u00a0LifeWallet\u00a0has debuted several upgrades to its system. The new\u00a0enhancements, announced in a Wednesday (April 5) press release, include a new portal for healthcare providers, an upgraded mobile application…<\/p>\n","protected":false},"author":1,"featured_media":3895,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[81,80],"tags":[],"class_list":["post-3894","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-innovation","category-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/regtechafrica.com\/healthcare\/wp-content\/uploads\/2023\/04\/LifeWallet-Tackles-Healthcare-Sectors-%E2%80%98Antiquated-Technologies.jpg?fit=1200%2C628&ssl=1","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/3894","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/comments?post=3894"}],"version-history":[{"count":1,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/3894\/revisions"}],"predecessor-version":[{"id":3897,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/posts\/3894\/revisions\/3897"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/media\/3895"}],"wp:attachment":[{"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/media?parent=3894"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/categories?post=3894"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/regtechafrica.com\/healthcare\/wp-json\/wp\/v2\/tags?post=3894"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}